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AlexiaStone AlexiaStone
  • 05-08-2016
  • Mathematics
Answered





At age 25 james, thinking ahead deposits 2500 into a retirement account with an average annual interest rate of 11%. Find James age when his investment is

worth 10 times his original value.

Verified Answer :

antonsandiego
antonsandiego antonsandiego
  • 18-08-2016

FV=PV(1+rn)
250010=2500(1+0.11*n)
n≈82 (years)
82+25=107
James age is 107.

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